Der nächtliche Gang zum Kühlschrank – staatliche Selbstkontrolle und Schulden

Although policy-makers often promise to reduce budget deficits, most countries have high and increasing debt ratios. In this regard, government behaviour shows some intriguing similarities to individuals with self-control problems. If this comparison holds, there is a range of policy measures which could be taken by governments willing to reduce their debt burden.     

Can a Reliable Framework for Sovereign-Backed Securities Be Established?

The European Commission has proposed the introduction of sovereign-backed securities (SBSs) as a class of safe assets for the euro area. SBSs are generated by an issuing agency that would purchase a representative portfolio of national sovereign bonds from the euro area. Purchases are financed by issuing (at least) two types of structured bonds: a risk-free senior SBS tranche and a risky junior SBS tranche. Overall, we recognise that the SBS concept has the potential to improve financial stability and financial integration in the euro area. However, we highlight several potentially severe technical and political problems. Most important for the SBS concept to function properly are the de-privileging of national sovereign bonds in bank regulation, rules to ensure conditionality in times of crisis and measures to prevent disincentives for national public finances. If such conditions remain elusive, we advise against the introduction of SBSs.     

CSR Information Disclosure on the Web: A Context-Based Approach Analysing the Influence of Country of Origin and Industry Sector

Corporate social responsibility (CSR) has become a much-discussed subject in the business world. The Internet has become one of the main tools for CSR information disclosure, allowing companies to publicise more information less expensively and faster than ever before. As a result, corporations are increasingly concerned with communicating ethically and responsibly to the diversity of stakeholders through the web. This paper addresses the main question as whether CSR information disclosure on corporate websites is influenced by country of origin and/or industry sector. Analysing the websites of 127 corporations from emerging countries, such as Brazil, Chile, China, India, Indonesia, Mexico, Thailand and South Africa, it becomes evident that both country of origin and industry sector have a significant influence over CSR information disclosure on the web (CSRIDOW). Based on the data studied, country of origin has a stronger influence over CSRIDOW than industry sector.

Convergence and divergence in consumer behavior: implications for international retailing

Converging technology and disappearing income differences across countries will not lead to homogenization of consumer behavior. Rather, consumer behavior will become more heterogeneous because of cultural differences. As consumer incomes converge across countries, the manifestation of value differences will become stronger. This phenomenon makes it increasingly important to understand values of national cultures and their impact on consumer behavior. Retailing strategies for one country cannot be extended to other countries without adaptation. Hofstede’s model of national culture is applied to understand differences in consumer behavior across countries. Examples are provided of consumption differences, their relationships with culture discussed, and selected implications for international retailing management detailed.     

The business-to-business relationship dimensions in financial services markets

This paper discusses the nature of financial business relationships by drawing on the IMP Group’s theory of industrial relationships. It discusses, among other aspects, the interaction process between banks and their corporate clients, the longevity of relationships, the interdependence between both sides, and the atmosphere of financial services relationships. The conclusions are thought to be interesting and useful for the managers of firms and financial services when setting relationship marketing policies and for academic research on business-to-business services relationships. The field research was done in Portugal and the case method was used.

Learning Opportunities and Learning Behaviours of Small Business Starters: Relations with Goal Achievement,Skill Development and Satisfaction

Learning is a vital issue for small business starters, contributing to short- and long-term business performance, as well as to personal development. This study investigates when and how small business starters learn. It specifies the situations that offer learning opportunities, as well as the learning behaviours that small business starters can employ in order to learn from these opportunities. In a cross-sectional, quantitative study of recently started small business founders, learning opportunities and learning behaviours are related to three outcome measures: a performance outcome (goal achievement), a personal growth outcome (skill development), and an affective evaluation outcome (satisfaction). The results show the importance of learning opportunities and learning behaviours in influencing these outcome variables, albeit not always in the directions we hypothesized.     

Disparitäten in der Entwicklung der Gemeindesteuern

Generally, taxes are the most relevant source of revenue for German municipalities. In the period from 2004 to 2014, tax revenues were growing at remarkable rates. However, statistical analyses show that not all municipalities were benefitting in the same way, and thus state-wide averages are of limited value, since they tend to whitewash inner-state inequality. Disparities are even significant in states with strong economic fundamentals. According to absolute measures, disparities are growing at the national level. This can be explained by a few tax-strong outliers. In contrast, relative inequality remains static. The alarming finding is that intertemporal mobility among municipalities in the allocation of tax revenues is limited, and thus tax-weak municipalities face a cloudy outlook.     

Knowledge spillovers and new ventures’ export orientation

We draw on the knowledge spillover literature to suggest that a country’s proportion of export-oriented new ventures represents an outcome of knowledge spillovers that stem from foreign direct investment (FDI) and international trade (export spillovers) as well as a source of knowledge spillovers (entrepreneurship spillovers). To test the hypotheses, we use macrolevel data from 34 countries during the period 2002–2005. We find that the relationship between FDI and international trade on the one hand and a country’s proportion of export-oriented new ventures on the other differs for higher- and lower-income countries. In addition, a country’s proportion of export-oriented new ventures affects the subsequent emergence of new businesses.

Trip Cultural Activities and Tourism Expenditure in Emerging Urban‐cultural Destinations

Although tourism expenditure is determined by different factors, the literature has not analysed the extent to which trip cultural activities affect tourism expenditure in the destination. The focus of this paper is a microeconomic analysis performed in 14 emerging urban‐cultural destinations in Andalusia (Spain). The results confirm that there are activities related to cultural visits, attendance at events or gastronomic activities that determine tourism expenditure. These results guide the implementation of specific actions by the policy‐makers in these destinations aimed at increasing the economic impact of tourism, based on the creation of high value‐added tourism products to overcome their mere dependence on built heritage. Copyright © 2015 John Wiley & Sons, Ltd.